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Income tax avoidance
I would like some assistance from the board experts there are many on here I will be seeking advice as well I’m currently in a conundrum about not wanting to pay income tax or inheritance tax in the future Currently got HL Sipp 99k in cash drawing down each month enough to be £12000 this tax year L&G pot worth 400k…
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USS Personal Allowance Calculation - any advice please
How do I work out what I have left in my personal allowance (max is £60,000) if I retire at the end of this month? Is there a calculation I can make? The USS Contributions & Tax Calculator allows me to model against the Annual Allowance, but does this for a full year. I suppose I could divide by 3, (four months, April to…
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What to do with trivial pots
on my 3 year countdown to leaving at 60 have 2 main pots with a combined value of £350k which I plan to draw on and top up from my sticks ISA Discovered I have 3 small pots with about £2.5 k in each know I could cash them in first year of retirement or transfers to main pot. But wondering if I should fund these with the…
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Take tax free 25% lump sum triggers MPAA
Hi, I am thinking of taking 25% tax free lump sum from my pension. Does this trigger MPAA where mine (or my employer's) contributions cannot exceed 60K/annum or be taxed?
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TFC and 25% sanity check crystallised
Keeping the numbers simple. Say I have an uncrystallised 400k pot and I want 100k in TFC - I've never taken TFC before or withdrawn from the SIPP. This would mean I would have to put 300k into my crystallised pot with no uncrystallised left in order to get the 100k in TFC. If the uncrystallised 300k remains invested and…
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Advice needed please
I can take my state pension on 30th September (my 66th birthday). I have been awarded a state pension if £12,014p or £1001 a month) (which is below the Personal Allowance). In 2019 I was awarded an Tier 1 NHS Ill Health Retirement Policy, which is currently £15,073.32p (or £1256.11p a month. If i take my pension how much…
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Pension annual allowance. Which dates are used, payslip or provider receipt?
Hi I've searched the forum but can't find an answer. Apologies if I'm repeating an obvious question. In calculating your pension contribution in a tax year, should we be using the date that pension left our salary, or the date the our pension provider received that contribution?
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Current company pension, and a SIPP
Hi I’m 56 and keen to have greater control and options with
regards to my current Money4Life company pension with Scottish Widdows. So with in mind, im looking at the idea of moving the funds (around
388K) in this SW pension to a SIPP and then making ongoing transfers into that
SIPP (as both my employer and I will continue…
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Transfer out or leave in, thoughts please
I have a pension pot with an employer that I left 20 years ago. The value of my pot has reduced drastically in the past 5 years from almost £400k to £200k. As it stands if I draw the pension now I would get £45k tax free lump sum and £6k pa. I have taken some financial advice and for £150k I can get an enhanced annuity…
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Lifetime Allowance Question - Have Royal London got it wrong?
I am in the process of moving an AJ Bell SIP into Drawdown and withdrawing the maximum Tax Free amount.As part of the process they are asking if I'd withdrawn any other pre-April 2024 pensin benefits from any other providers and, if so, what percentage of my Lifetime Allowance I had used. I switched a Royal London pension…
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paperless retirement admin
Hi Trying to help my dad out, he has been getting letters asking him to log onto a new pension site to check and confirm his details. He is 89, has no interest or access in Internet. he claims to not have any account on their system. He has a db pension that's recently changed administrators. I sent an email to trustees…
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Are FA worth the money?
I have 2500k to invest and the FA (not even an IFA wants £2500) I am getting fed up with the run around and thinking of bunging it all in high interest accounts or bonds, which at the moment seems about a similar return, however can they really get me more? Is managing money that hard I need a FA? Could I do it myself? I…
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Buy Added Alpha Pension or ISA/Stocks and Shares
I'm 52. Civil Servant. Currently accrued 12 Yrs in Classic Pension and 3 years in Alpha (affected by Remedy/McLeod). I'm hoping to retire at 60 but not sure it's affordable. I can manage to save extra £800-£1000/month to enable me to do this. My question is what option should I choose? Buy added pension (this confuses me),…
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Teachers Pension Scheme - new member options
My son has just started as a teacher and has the option of Buy Out (one off option) to reduce NRD by 1, 2 or 3 years. Example 3 years will cost 2.94% of pensionable earnings £948.15 p.a. The website says the rates you will be required to pay will change throughout your career. Other option is a faster accrual rate (1/55,…
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Reassure
Hello im looking for any advice on the following - My dad died May 2021 last week ( 20/9/25) my elderly mother received a letter titled to the estate of my late father asking for a copy of his death certificate etc myself ( son ) and family knew nothing about the “ annuity policy “ mentioned in the letter so I sent a copy…
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Three spending surprises
JP Morgan published a report on based on the spending habits analysis of ~ 280,000 Chase households. US based, but I thought it was interesting and probably directionally relevant to the UK too. Overall they do not see the much talked about 'spending smile', but see a constant decrease in spending over time (nice graph on…
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Tax on State Pension
Hi, Just highlighting this because I was unaware of it. State Pension is taxed on what you are entitled to receive, not what you actually receive in a tax year. So, you may have underpaid tax in the tax year you start drawing your pension (as my OH had) because of the payment dates. I suppose that, equally, some may have…
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Which S&P500 tracker
Within ii there’s the Vanguard S&P500 UCITS ETF and the UBS S&P500 Index C in terms of SIPP & Trading accounts is one of these better , what do the different letters in the names mean for the purpose of investing , I can google the terms but pretty meaningless still when would you choose one verses the other ? thanks
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Looking for an online-only pension
I'm really tired of dealing with my pension company over the phone, as it costs a bomb, takes for ever, has no paper trail and is horribly inefficient (the last thing I did with them took 3 months to sort out, for example). Does anyone know of any online-only providers I can move to? In the genre of Starling/Monzo banks,…
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LGPS AVC 25% TFLS calculation
Hi, A couple of questions if anyone can help: 1) I’m wondering if there’s a set calculation/multiplier for the overall value of the LGPS DB pot? Or does it value from scheme to scheme? 2) Secondly, I (42m) am heavily contributing to AVC’s at the moment but plan to scale back in a few years. If all goes to plan, my AVC pot…
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